3 Skill Sets All Business Owners Must Master to Stay Profitable

Is there really such a thing as a holy grail when it comes to business?

And if there was, what would it be? Well, this article isn’t about your business. It’s about you–the business owner.

Let's face it: you're the one in the driving seat. You're the one that's going to make an impact on your business until you pass it to somebody else.

Here are three business skill sets you must master to take your business to the next level.

1. Mindset

Yes, I know it's obvious, but I'm not just discussing the typical mindset here.

I'm talking about you having a CEO mindset, and even though it sounds obvious, it is crucial because, without it, your business will not grow, no matter how much you know, what you can do, or your business idea.

If you don't have the right mindset for understanding how to grow your business, it won’t grow.

You must have the right money mindset, the mindset to keep yourself motivated, and you must believe in yourself. Your team must know and have the self-confidence that this will happen no matter what. That conviction comes from your self-belief.

Because I guarantee there will be tough times with your business.

The mindset you must develop is the  “CEO Mindset.”

The CEO mindset consists of:

-Removing emotions and not letting fear make decisions
-Not being a perfectionist
-Being disciplined
-The ability to be patient and act with logic
-Delegating and not micro-managing

You must embody and live by these principles–not once, but always.

Business has enough external challenges.

The last thing you want is to have unneeded internal challenges that spawn from your behavior and poor business mindset.

If you cannot cultivate the CEO mindset, you’ll increase the challenges and fires within your business.

2. Know-How

We can say “know-how” is like knowledge, but it's not.

There's a very fundamental difference.

We can start by having a lot of data. These are numbers, words, and bits and pieces of stuff all over the place that haven't been connected and don't make sense.

That's what data is.

When you start putting it together, that becomes information you can take, so once you understand and are able to process that information and apply it, that's knowledge.

Now, “know-how” is one step further.

Know-how combines knowledge and experience of doing certain things correctly based on previous events.

So, how do you go about building know-how?

Well, you can go about it several ways:

1. Get the education 

Practice it yourself, make the mistakes, and learn from your experiences.

That's a perfectly fine way, and many people have done that.

However, it’s a long path. It’ll take longer to complete and potentially cost you more in the long run because of mistakes.

But as long as you manage your risks carefully, you'll understand that you can do all of these things in small, bite-sized pieces to acquire that know-how over time.

This means reading many books, watching tons of videos, iterating the knowledge you get, and learning the lessons in the game to adapt and improve over time.

As I said, it’s a long path but fruitful, and you’ll know your field and business like the back of your hand from rolling up your sleeves and doing it yourself.  

2. Get a mentor

The second way to obtain the know-how is to seek advice from others who've done it before. This can save you years of misery, time, and money.

They'll say,

“Hey! Don't do this! I did that in the past, and it didn't work. It was a huge mistake, and it cost me a lot of money. Do this instead…”

Getting that know-how and experience from others and passing it on to you can be a much quicker route.

Now, which way is better?

That's up to you.

What resources do you have? How much of a risk appetite do you have?

All of this will funnel together based on the timing of when you need to get the know-how.

3. Relationships

Relationships are critical to move your business forward and continue generating profits.

I’m referring to relationships with:

-Your team
-Your clients
-Your suppliers
-Other peers/partners
-Networking
-Masterminds

Relationships and building relationships are going to be hugely important for your business.

Understanding how you build the right relationships to build partnerships and affiliate programs is essential for growth.

If your team hates you, you’ll have a revolving door of employees coming in and going out.

If your partner and you don’t get along, good luck creating any forward-moving momentum with the business.

And, if your customers are dissatisfied with the relationship you keep with them, you know the result.

This point may seem obvious, yet it’s the one most business owners screw up the most.

Newsflash: If people don’t enjoy you or doing business with you, you won’t be in business long.

Relationships aren’t a one-time thing. They require consistent cultivation and nurturing.

Customers need to feel cared for. Employees are sometimes like children, and they need validation and attention. Partners need to feel like equal allies–not subordinates or side chicks.

Otherwise, resentment will set in, and that’s poison for you as a leader and your business.

Do not neglect your relationships.

The BMM Takeaway

Listen, business isn’t easy.

It’s hard.

However, many business owners make it more complicated than necessary by neglecting the skill set trifecta of profit.

If you’re a business owner and you’re struggling to grow and see consistent growth, you must improve:

-Your mindset–Grow your “CEO Mindset.”
-You Know-How–Educate yourself or seek out mentors.
-Your Relationships–Don’t ever neglect them.

Master these skills. Make it a priority.

Your profits will grow if you can effectively develop these skill sets and implement progress daily.